Best of

9 Best South Dakota Mortgage Lenders of 2020

NerdWalletJanuary 2, 2020

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

NerdWallet helps you make a smart decision when it comes to choosing a South Dakota mortgage lender best-suited to your needs.

Summary of Best South Dakota Mortgage Lenders of 2020

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

online and mobile convenience

620

3%

at Rocket Mortgage

Veterans United

Veterans United

at Veterans United

military-connected borrowers

620

0%

at Veterans United

Wells Fargo

Wells Fargo

face-to-face service

620

3%

Read review
US Bank

US Bank

At U.S. Bank

home equity line of credit

N/A

N/A

At U.S. Bank

USAA

USAA

military-connected borrowers

620

3%

Read review
Guaranteed Rate

Guaranteed Rate

online and mobile convenience

620

3%

Read review
Navy Federal

Navy Federal

first-time home buyers

N/A

0%

Read review
loanDepot

loanDepot

at LoanDepot

refinancing

620

3.5%

at LoanDepot

Fairway Independent Mortgage

Fairway Independent Mortgage

fixer uppers

N/A

3%

Read review
LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

online and mobile convenience

620

3%

at Rocket Mortgage

Veterans United

Veterans United

at Veterans United

military-connected borrowers

620

0%

at Veterans United

Wells Fargo

Wells Fargo

face-to-face service

620

3%

Read review
US Bank

US Bank

At U.S. Bank

home equity line of credit

N/A

N/A

At U.S. Bank

USAA

USAA

military-connected borrowers

620

3%

Read review
Guaranteed Rate

Guaranteed Rate

online and mobile convenience

620

3%

Read review
Navy Federal

Navy Federal

first-time home buyers

N/A

0%

Read review
loanDepot

loanDepot

at LoanDepot

refinancing

620

3.5%

at LoanDepot

Fairway Independent Mortgage

Fairway Independent Mortgage

fixer uppers

N/A

3%

Read review
Logo

at Rocket Mortgage

Rocket Mortgage: NMLS#3030

Logo

Min. Credit Score

620

Min. Down Payment

3%

at Rocket Mortgage


Why we like it

Ideal for anyone who appreciates smartphone app service, support and time savings. Rocket Mortgage offers a fully digital home loan experience with a large variety of mortgage products.

Pros

  • The site caters to self-service users who want to apply for a home loan without talking to a human unless it’s absolutely necessary.

  • With your authorization, accesses asset statements from 98% of U.S. financial institutions.

  • Tells you the loan amount you’ll qualify for within minutes.

  • Rocket Mortgage’s document and asset retrieval capabilities can save you a bunch of time and hassle.

Cons

  • Doesn't offer home equity loans or HELOCs.

  • If you’re a “look me in the eye” type of customer, you’re out of luck.

  • Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.

Read Full Review
Logo

at Veterans United

Veterans United: NMLS#1907

Logo

Min. Credit Score

620

Min. Down Payment

0%

at Veterans United


Why we like it

Ideal for veterans and active-duty service members. Veterans United is the nation's largest VA home purchase lender but also offers an excellent selection of other government and conventional loans.

Pros

  • Also offers FHA, USDA and conventional loans.

  • Offers 24/7 customer service.

  • You can complete a loan application and pre-qualify online.

  • Registers a low volume of complaints filed with the Consumer Financial Protection Bureau.

  • Offers free credit score education and assistance.

  • Provides a client advocate team staffed by former senior enlisted leaders from each branch of the armed forces.

Cons

  • Doesn’t offer home equity loans or HELOCs.

  • Loans are available in all 50 states, but Veterans United has offices in only about half.

Read Full Review

Wells Fargo: NMLS#399801

Logo

Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers looking for a national lender with a complete selection of mortgage products for home buyers in all financial stages.

Pros

  • Loan programs to educate and assist first-time home buyers, union members and others.

  • Relocation and employee mortgage programs for many large companies.

  • Accepts down payments as low as 3% on fixed-rate mortgages through its yourFirst Mortgage program.

Cons

  • Government actions and scandals have damaged consumer trust.

Read Full Review
Logo

At U.S. Bank

US Bank: NMLS#402761

Logo

National / Regional

National

Max LTV

90%

At U.S. Bank


Why we like it

Ideal for borrowers who want low fees. No closing costs and annual fee is waived for HELOC borrowers with an eligible checking account

Pros

  • Equity borrowing available from $15,000 to $750,000 (up to $1 million for properties in California), depending on credit history, property's equity and monthly debts.

  • With a variable-rate HELOC up to three fixed-rate options can be locked.

  • Originates loans in all 50 states with loan officers physically present in 28 states.

  • Mortgage options include a "piggyback" or 80/10/10 loan.

  • Alternative credit sources can be used In some cases.

  • No closing costs with a cash-out refinance.

Cons

  • Limited opportunities for face-to-face banking with offices in only 28 of 50 states.

  • Average score in J.D. Power 2017 consumer satisfaction survey (US Bank has 3 stars out of 5).

  • Online capabilities are currently limited.

Read Full Review

USAA: NMLS#8722

Logo

Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for military members and their relatives who are interested in a VA loan.

Pros

  • VA loans are the bulk of USAA’s business, so it knows the ins and outs of eligibility.

  • Lots of experience assisting first-time home buyers.

  • Offers online pre-qualification.

Cons

  • Doesn’t offer FHA or USDA loans.

  • Alternative credit is not considered.

Read Full Review

Guaranteed Rate: NMLS#2611

Logo

Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers who are looking to apply for a mortgage and manage the process through online tools, whether buying or refinancing. Guaranteed Rate offers FHA, VA and USDA loans for borrowers who meet robust guidelines.

Pros

  • Works with most borrowers as long as they have good credit scores and incomes.

  • Provides a user-friendly digital platform that’s thorough in covering all types of borrowing scenarios.

  • Has a 95% customer satisfaction rate, according to company data.

Cons

  • Charges some fees, such as a $1,290 lender fee, which includes a $150 application fee.

  • Offers many products, which might confuse or overwhelm borrowers.

  • Several click-throughs required for personalized rates.

Read Full Review

Navy Federal: NMLS#399807

Logo

National / Regional

National

Min. Down Payment

0%


Why we like it

Ideal for military members and their families. Navy Federal Credit Union offers a wide range of mortgage products, an online application and considers alternative credit data for certain loan types.

Pros

  • Wide range of affordable mortgage products designed for military members.

  • Willing to look at nontraditional credit data, such as rent payments, as part of its credit evaluation for certain products.

  • Online application for preapproval with quick decision.

Cons

  • Website does not provide customized mortgage rates based on credit score or other factors before you apply.

Read Full Review
Logo

at LoanDepot

loanDepot: NMLS#174457

Logo

Min. Credit Score

620

National / Regional

National

at LoanDepot


Why we like it

Ideal for anyone who wants online convenience with face-to-face options. Loan Depot has affiliated locations nationwide and is well-rated for low customer complaint volume.

Pros

  • Offers conventional and government-backed refinance mortgages.

  • Offers a “lifetime guarantee” on future refinances: no lender fees and reimbursal of appraisal cost.

  • Advertises a "no steering" policy for refinance loans.

Cons

  • Must provide personal information to get a customized refinance rate quote.

  • Has fewer high-tech refinance tools than other lenders, such as no mobile app.

Read Full Review

Fairway Independent Mortgage: NMLS#2289

Logo

National / Regional

National

Min. Down Payment

3%


Why we like it

Ideal for borrowers who want lots of options and a quick turn time. Fairway Independent Mortgage offers a full selection of home loans along with a comprehensive mobile app for a fast and easy application process.

Pros

  • A robust suite of loan products.

  • Licensed in all 50 states.

  • Close in as little as 10 days using the Fairway app.

Cons

  • Limited branch locations.

  • Mortgage rates not posted on website.

Read Full Review

Last updated on January 2, 2020

Methodology

NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

To recap our selections...

NerdWallet's Best South Dakota Mortgage Lenders of 2020